Dogecoin, one of the most popular meme coins within the cryptocurrency realm, gained significant traction on Tuesday as the token recorded a colossal whale transfer amid today’s price drop. Aligning with this, on-chain data illuminated the transfer of roughly 1 billion DOGE within the broader crypto market today, fueling speculations among crypto market fanatics for the token.
Meanwhile, the transfer of DOGE encompassed the shifting of coins from a CEX to an unknown wallet, propelling optimism for the token.
According to the data unveiled by Whale Alert, a platform streamlining blockchain metrics, the colossal whale transaction occurred today, December 26. Moreover, concerning the data, a whale seems to have transferred 999.99 million DOGE from Binance to two unknown wallet addresses, DU8gPC5mh4…rk2jAguBr5 and DQnhnNxW89…DvtzwF9sGo.
Meanwhile, the number of coins transferred collectively amounted to $91.19 million while writing.
However, the whale transaction showcased a potential decrease in the token’s circulation supply, fueling further inferences for the meme coin. Notably, as the data surfaced over the crypto horizon amid a price drop, crypto traders and investors seem to be eyeing the token extensively.
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As of writing, the DOGE price chart illustrated a downward trajectory, falling 0.62% over the past 24 hours, and is currently trading at $0.09257. In addition, this fall was further accompanied by a weekly plunge of 0.30%.
Intriguingly, the token’s market cap also reflects the price drop noted by DOGE, illustrating a marginal drop of 0.63% and is currently evaluated as $13.17 billion. However, the 24-hour trading volume appears to have risen substantially, showcasing a 7.54% surge over the past day.
With the whale chronicle positioning itself amid a price drop, market sentiments orbiting DOGE seem to have taken an exciting turn. Crypto market enthusiasts appear to have bolstered their confidence in DOGE, as whale activity mirrored a potential reduction in the token’s supply.
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